The PPF shifts if
A) the unemployment rate falls.
B) people decide they want more of one good and less of another.
C) the prices of the goods and services produced rise.
D) the resources available to the nation change.
D
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The data in the table above are the U.S. balance of payments. If there is no statistical discrepancy, what is the balance in the official settlements account?
A) $150 billion B) -$150 billion C) $50 billion D) $0
When economists say that people choose rationally, this means
a. they gather all relevant information before making their purchases b. once a pattern of behavior has been established, people tend to become set in their ways c. people respond in predictable ways to changes in costs and benefits d. people rarely make errors when they are permitted to make transactions e. once made, decisions are never reversed
The price that sellers receive after the tax is imposed is
A. $6 B. $10 C. $16 D. $24
This monopolist
A. is in the short run.
B. is in the long run.
C. may be in the short run or the long run.